Financial Aid

How to Apply

Get Accepted: Before applying for financial aid you must apply and be accepted for admission to Crown College.

Complete the FAFSA: Complete the FAFSA every year. Crown’s school code is 002383. (FAFSA online: www.fafsa.gov)

Review your SAR: Once your FAFSA has been processed, you will receive an email with a link to your Student Aid Report (SAR). Review the SAR to ensure all information is correct and make changes to the information that is incorrect and resubmit the SAR.

Check your E-mail: Check your Crown email account for emails from the Financial Aid Office. Be sure to complete and submit all documents requested as soon as possible.

Get Awarded: Once everything has been submitted, you will receive an award letter that will reflect your estimated financial aid awards. The award letter will show eligibility for any Federal, State and institutional financial aid.

Scholarships & Grants

Whether you are an on-campus or online student, there are many scholarships and grants available from Crown and governmental agencies that can help you pay for college.

Loans

Student loans can help finance your educational expenses after all scholarships and grants have been applied. A loan is money you borrow and must repay with interest. You are encouraged to borrow only what you need and can afford to repay.

Student Work Program

The work-study program provides on-campus jobs for undergraduate students with financial need allowing them to earn money to help pay for educational expenses. The work-study program gives valuable work experience and helps you connect with the Crown College community.

Work-Study

The FAFSA determines eligibility for work-study. You must apply and be hired for a position. Once hired you must work your hours before receiving a paycheck.

How do I know if I’m eligible work-study? Your financial aid award notice indicates if you have work-study eligibility. If you did not file a FAFSA or are not eligible for work-study, you may still be eligible to work on-campus.

How do I apply for a job? View jobs and complete the application on our.crown.edu.

How many hours do I work and when do I get paid? Most students work 10 hours per week and are paid on a monthly basis.

How do I know what my work schedule is? You will work with your supervisor to create a work schedule that is designed to fit with your class schedule.

How much do I get paid? The starting wage varies and is dependent on skills, performance and longevity. Contact the payroll office for more details on pay rates.

Direct Subsidized and Unsubsidized Loans

The Federal Direct Subsidized and Unsubsidized Loan program provides low-interest loans. The lender is the U.S. Department of Education. To be eligible, you must complete a FAFSA, enroll at least half-time and make satisfactory academic progress towards a degree. Refer to your financial aid award notification to see what you are eligible to borrow.

Types of Direct Loans

Direct Subsidized Loans are offered to undergraduate students based on need, as determined by the FAFSA. The federal government pays the interest while you are enrolled at least half-time. If you are planning to borrow and are offered this loan on your award letter, you should borrow through this program first.

Direct Unsubsidized Loans are offered to undergraduate and graduate students. Interest begins to accrue while you are in school.

Facts about Direct Loans

Acceptance

Accept Federal Direct Stafford Loans on our.crown.edu. Log in using your Crown username and password. Select the Students tab and then Financial Services.

Direct Loans have a fixed interest rate for the life of the loan. The anticipated rates for 2015-16 are 4.29% for undergraduate students and 5.84% for graduate students.

Loan Fees

The fee for Direct Subsidized and Unsubsidized Loans is 1.073 percent for loans first disbursed between 10/1/2014 and 10/1/2015 and 1.068 percent for loans first disbursed between 10/1/2015 and 10/1/2016. Loans (less the fees) are applied to the student’s Crown College account and split evenly between semesters.

Repayment

Direct Subsidized and Unsubsidized Loans do not require payments while you are enrolled at least half-time. Repayment begins six months after you graduate, leave school or enroll for less than half-time. You may pay interest accrued on the Unsubsidized Loan while enrolled or may add the interest to the balance of the loan at repayment.

Direct Loan Maximum Annual and Aggregate Limits*

Dependent Student

Independent Student

Freshmen

$5,500 – No more than $3,500 of this amount may be subsidized.

$9,500 – No more than $3,500 of this amount may be subsidized.

Sophomore

$6,500 – No more than $4,500 of this amount may be subsidized.

$10,500 – No more than $4,500 of this amount may be subsidized.

Junior/Senior (each)

$7,500 – No more than $5,500 of this amount may be subsidized.

$12,500 – No more than $5,500 of this amount may be subsidized.

Maximum Debt

$31,000 – No more than $23,000 of this amount may be subsidized.

$57,500 – No more than $23,000 of this amount may be subsidized.

Graduate and Professional

Graduate students may borrow Unsubsidized loan up to the cost of attendance as determined by the school. Not to exceed $20,500. Maximum debt – $138,500 (includes loans received for undergraduate study).

* Please note that this chart shows maximum amounts students may receive. The amount you qualify to borrow may be less depending on your cost of attendance, financial need and other financial assistance.

Federal Perkins Loans

Federal Perkins Loans are awarded to undergraduate students with exceptional financial need who are enrolled in the School of Arts and Sciences. To be eligible, the student must complete a FAFSA, enroll at least half-time and make satisfactory academic progress towards a degree. If awarded, the Perkins Loan will appear on the financial aid award notification. Crown College is the lender for this loan, which is funded by the federal government. There are limited funds available, therefore, students receiving this loan are encouraged to borrow their full Direct Subsidized and Unsubsidized Loan first.

The federal government pays the interest on the Perkins loan until repayment begins nine months after a student graduates or drops to less than half-time. The current interest rate on the Perkins Loan is fixed at 5 percent.

Direct Parent PLUS Loans

Parents of dependent undergraduate students may apply for the Direct Parent PLUS Loan. The lender is the U.S. Department of Education. To be eligible, the student must complete a FAFSA, enroll at least half-time and make satisfactory academic progress towards a degree.

Requirements:

Parent is the borrower and is responsible for requesting and repaying the loan.

A credit check is completed when the parent applies. Acceptance is limited to those who do not have an adverse credit history. If the application is denied due to credit, the parent will be notified immediately. Options if denied include appealing the credit decision, having a third party endorser co-sign the loan, or the student may borrow additional funds through the Unsubsidized Loan program (only one option may be chosen).

Repayment begins 60 days after the loan is fully disbursed. The borrower may request that repayment be deferred until six months after the student graduates or is no longer enrolled at least half-time. To request a deferment, parents must contact their loan servicer.

Direct Loans have a fixed interest rate for the life of the loan. The anticipated interest rate for the Direct Parent PLUS Loan is 6.84 percent for 2015-16.

Loan Fees

The fee for the Direct Parent PLUS Loan is 4.292 percent for loans first disbursed between 10/1/2014 and 10/1/2015 and 4.272 percent for loans first disbursed between 10/1/2015 and 10/1/2016. Loans (less the fees) are applied to the student’s Crown College account and split evenly between semesters.

Private Student Loans

Private student loans are available to students and parents through banks and other financial institutions. Students should apply with the lender of their choice. Loans are based on credit and students will need a credit-worthy co-signer. Apply early because applications typically take 4-6 weeks. Terms and conditions vary by lender.

Crown College recommends that all eligible, degree-seeking students apply for financial aid using the FAFSA and exhaust all federal loan program options before considering a private loan.

Crown College does not endorse any lender. To assist borrowers, we participate in a Preferred Lender Arrangement. We publish a list of lenders who provide the commitment, stability and ability to provide loans for the long-term, deliver quality customer service, demonstrate commitment to borrowers and offer quality loan servicing and default prevention strategies. Borrowers are free to select any lender regardless of whether or not it appears on our list.

Recommended Lenders

Discover

Sallie Mae

SELF (Minnesota Office of Higher Education)

Wells Fargo

Apply

Compare lenders and apply directly with the lender of your choice. To assist your research, we have provided the following tool, link to FAST Choice.

Keep in contact with your lender to provide any supplemental information requested and for questions on the status of your loan.